Canton, Mass.-based Cumberland Farms operates more than 1,000 locations from Maine to Florida.

Chesapeake’s IDM automates the retrieval and distribution of Internet financial data, which will give Cumberland Farms the ability to obtain bank account information files across virtually all its banking relationships.

SmartAnalysis with SmartAnalysis RM, a sophisticated tool that analyzes commercial bank fee data, automatically verifies application of negotiated discounts. The solution also offers key anti-fraud features by maintaining banking relationship data in a single place and allowing one-step editing of important account details, such as authorized signees.

“As a cash business, the daily retrieval and analysis of depository data are critical risk-management activities,” said John Daly, assistant treasurer at Cumberland Farms. “Obtaining daily BAI (bank account information) files from larger institutions was not an issue, however, we have an extensive subset of smaller banks that either could not provide this service on a daily basis or could not do so economically. Chesapeake IDM was a perfect fit for us, solving this dilemma simply and affordably while reducing our vulnerability.

“Our numerous banking relationships generate substantial bank fees,” Daly said. “It is not feasible for staff to review hundreds of bank statements to verify the appropriateness of monthly account charges. SmartAnalysis, coupled with IDM, overcomes this obstacle, automatically identifying incorrect fees and pinpointing unnecessary accounts or services. This powerful solution not only verifies charges are correct but also gives us the ability to accumulate usage data and benchmark our fees against industry standards—a clear path to greater savings in our banking activities.”

Online Partners

Browse the latest issue of Convenience Store Decisions and back issues in an easy to use high quality format. Bookmark, share and interact with the leading C-Store magazine today.

Need C-Store News in a minute?
C-Store Decision Enewsletters get you caught up on all the convenience store news you need. Sign up today.

Convenience Directions

The Convenience Directions concept has been in place for over 15 years in the convenience store industry. What we do is very unique in that
we combine the InfoMarketing newsletter, which is mailed quarterly to over 10,000 c-store executives, with three Idea Exchange meetings.

Print Subscription

NAG Convenience Conference

The National Advisory Group (NAG) is a dues paying association committed to building relationships and profits. NAG’s mission is to provide retail leaders of small to mid-size and family-owned convenience chains a peer-to-peer forum for the exchange of ideas to improve their business performance.